Mali's military government is holding gold seized from Barrick Gold's Loulo-Gounkoto mine site at state-owned Banque Malienne de Solidarite (BMS), two sources said, as the miner pursues plans to suspend its operations in the country.

An ongoing dispute over ownership stakes in Barrick’s operation in Mali has led to the arrest of mining officials, the government’s gold seizure and the company’s shutdown of its mine.

Barrick Gold Corporation has halted its operations in Mali after the government seized gold stocks worth $245 million Cdn from the company's Loulo-Gounkoto complex.

Canada's Barrick Gold on Tuesday confirmed it had suspended operations in Mali and that the government had moved gold stock from the miner's Loulo-Gounkoto site to a bank.

Mali’s military government has started seizing gold stocks of the Canadian mining company Barrick as part of a legal battle over the share of revenue owed to the West African state, according to an internal Barrick letter seen by The Associated Press.

Barrick Gold faces turmoil in Mali as government reportedly executes a provisional order to seize gold stockpiles, threatening operations at Loulo-Gounkoto mine.

Malian authorities have confiscated about 3 metric tons of gold from Barrick Gold's Loulo-Gounkoto mining site due to an ongoing dispute. The gold, valued at $245 million, is now held at Banque Malienne de Solidarite.

Barrick Gold Corporation GOLD recently stated that it remains restricted from shipping gold from the Loulo-Gounkoto mining complex in Mali. Furthermore, the Malian government has executed the interim attachment order on the gold by transferring the current gold stock from the location to a custodial bank,